Offshore fixed term savings rates for expats have stepped up a gear with several banks jockeying for the best interest rates.
Santander, Conister Bank on the Isle of Man and the Nationwide has all nudged savings rates up to give expats a better deal.
However, the best rates for long and short term money remain meagre or untouched.
The winners are expats willing to tie their cash into a provider for two or three years.
Santander’s three year bond is slightly up – 0.05% to 2.05% from 2.00%.
Conister’s two year offering rises 0.5% to 1.5%.
Nationwide’s one year bond is also up 0.5% to 1.45%.
Santander and Newcastle Building Society offer the lowest tie-in at just £500 deposit. But beware low deposits because some lenders pay top interest rates on a sliding scale that require more money locked in the account.
| Offshore Fixed Term Savings Accounts - by interest rate | |||
|---|---|---|---|
| Provider | AER | Term | Deposit |
| Skipton International | 2.75% | 5 year Bond | £10,000 |
| Conister Bank | 2.50% | 5 Year Bond | £5,000 |
| Skipton International | 2.25% | 3 Year Bond | £10,000 |
| Permanent Bank | 2.11% | 5 Year Bond | £20,000 |
| Permanent Bank | 2.06% | 3 Year Bond | £20,000 |
| Santander | 2.05% | 3 Year Bond | £500 |
| Permanent Bank | 2.03% | 2 Year Bond | £20,000 |
| Permanent Bank | 2.03% | 2 Year Bond | £20,000 |
| Conister Bank | 2.00% | 3 Year Bond | £5,000 |
| Permanent Bank | 1.84% | 18 Month Bond | £20,000 |
| Permanent Bank | 1.84% | 15 Month Bond | £20,000 |
| Leeds Building Society | 1.50% | January 22, 2016 | £1,000 |
| Santander | 1.50% | 2 Year Bond | £500 |
| Newcastle Building Society | 1.50% | January 22, 2016 | £500 |
| Permanent Bank | 1.50% | 1 Year Bond | £5,000 |
| Conister Bank | 1.50% | 2 Year Bond | £5,000 |
| Nationwide | 1.45% | 1 Year Bond | £5,000 |
| Newcastle Building Society | 1.40% | January 22, 2015 | £500 |
| Investec Bank Offshore | 1.30% | 1 Year Bond | £50,000 |
| Investec Bank Offshore | 1.05% | 9 Month Bond | £50,000 |
| Offshore Fixed Term Savings Accounts - by deposit amount | |||
| Provider | AER | Term | Deposit |
| Santander | 2.05% | 3 Year Bond | £500 |
| Santander | 1.50% | 2 Year Bond | £500 |
| Newcastle Building Society | 1.50% | January 22, 2016 | £500 |
| Newcastle Building Society | 1.40% | January 22, 2015 | £500 |
| Leeds Building Society | 1.50% | January 22, 2016 | £1,000 |
| Conister Bank | 2.50% | 5 Year Bond | £5,000 |
| Conister Bank | 2.00% | 3 Year Bond | £5,000 |
| Permanent Bank | 1.50% | 1 Year Bond | £5,000 |
| Conister Bank | 1.50% | 2 Year Bond | £5,000 |
| Nationwide | 1.45% | 1 Year Bond | £5,000 |
| Skipton International | 2.75% | 5 year Bond | £10,000 |
| Skipton International | 2.25% | 3 Year Bond | £10,000 |
| Permanent Bank | 2.11% | 5 Year Bond | £20,000 |
| Permanent Bank | 2.06% | 3 Year Bond | £20,000 |
| Permanent Bank | 2.03% | 2 Year Bond | £20,000 |
| Permanent Bank | 2.03% | 2 Year Bond | £20,000 |
| Permanent Bank | 1.84% | 18 Month Bond | £20,000 |
| Permanent Bank | 1.84% | 15 Month Bond | £20,000 |
| Investec Bank Offshore | 1.30% | 1 Year Bond | £50,000 |
| Investec Bank Offshore | 1.05% | 9 Month Bond | £50,000 |
| This list covers most major providers but is not exhaustive. Account rates and minimum deposits are likely to change or be withdrawn at short notice | |||
Offshore savings providers
Here’s a list of 10 of the leading offshore savings providers with links to their web sites:
- Conister Bank – Private personal and commercial banking from the Isle of Man
- Investec – Offers international banking services, including savings and investments from the Channel Islands
- Leeds Building Society – Gibraltar branch of the UK based building society serving expats
- Lloyds Bank International – Channel Islands and Isle of Man personal banking for expats
- NatWest Bank – Offshore saving rates from branches in Gibraltar, the Isle of Man and Channel Islands
- Nationwide Building Society – The international service of the popular UK building society
- Newcastle Building Society – Expat saving and banking services from Gibraltar
- Permanent Bank – Isle of Man branch of an Irish-based bank
- Santander – Isle of Man branch of this international bank with a UK high street presence
- Skipton International – Channel Islands branch for expats of the UK building society
Other offshore financial institutions are available and will be added to the list when they issue new products for expat savers.
